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shenzhen climbs 11 places to 27th in the latest ratings of global financial centers index (gfci) published by z/yen group in london recently.
the semi-yearly report aims at examining the world's major financial centers in terms of competitiveness.
shanghai advances eight places to rank 16th. beijing's rating is lowered by one place to be 59th. london, new york, hong kong, singapore and tokyo round out the top five.
the report said the three mainland cities and hong kong "are likely to become more significant."
frankfurt, zurich and geneva remain among the top 10 cities and luxembourg has climbed five places to 13th. most of the remaining financial centers in europe are still suffering from uncertainty in the eurozone. paris is down by 14 points, munich by 16, amsterdam by 26, milan by 34, madrid by 28 and brussels by 44 points. lisbon and athens also fall and athens remains at the bottom of the index.
"this report shows the ratings of mainland cities including beijing, shanghai and shenzhen have stopped sliding down and started to climb. this indicates the financial influence of shanghai and shenzhen is strengthening with the development of the pilot free trade zone in shanghai and qianhai shenzhen-hong kong modern service industry cooperation zone," said zhang jiansen, director with the finance and modern industry research center of china development institute.
the rise of asian financial centers is changing the global finances. asia's new economic entities are keeping a fast growth, attracting investment, professionals and market resources from european and american countries, according to zhang.
the gfci was first produced by the z/yen group in march 2007 following a research project into city competitiveness in 2005. the report drew on two separate sources of data-instrumental factors (external indices) and responses to an online survey.
(source:shenzhen daily)